The blockchain is a technology that allows for the creation of networks of computers without the need of a server or central database location to connect them. As a result, it is possible to create a network where computers share computing power and use the sum total of that power to do a specific task in the shortest possible time.
In the next video, Leif Ferreira (Bit2Me CEO) explains what is blockchain in a simple way.
*The video has english subtitles, you can active them in the video settings.
Computers are connected to this type of network thanks to the software that is developed for each blockchain, this type of software is open source, which implies that it is transparent and can be reviewed and contributed by anyone. Having no database or localized server, a blockchain network is characterized as a distributed network; this means that the information is replicated in all the computers in the world that are connected to the same blockchain. In the case that more than 50% of the computers that make up that blockchain network are not from the same person or company, we can say that the network is decentralized since it does not have a ‘center of emission, control or power’
In essence, a blockchain network is just a database that allows you to read and write records, nothing can be modified from it.
All the records that are stored in it are linked together with very advanced mathematics, therefore it is impossible to include something that is inconsistent with the rest of the record’s.
The utilities of the blockchain are sufficient and have already been implemented in multiple sectors of technological careers that will forever change the indispensable aspects of our individual and collective life.
Just as the internet revolutionized the way we create, transmit and consume information, with blockchain technology we are at the door of what is called the internet of value or the internet of money.
The blockchain technology is essential in the creation of cryptocurrencies, through which you can transfer value between people around the world, and digitize the property of everything that has value (whether tangible or intangible) which allows us, among other things, to create immutable records of properties and digital assets that can be transferred between people without a trusted intermediary as is currently required (banks, notaries….)